Decoding The Midlands Property Market: Key Insights for Property Marketers

The Midlands is a region full of opportunities, offering a mix of bustling cities, peaceful countryside, and relatively affordable housing options. Despite growing house prices, the recent reduction in interest rates - from 5% to 4.75% earlier this month - has brought renewed confidence to buyers, keeping demand steady across the region.

To get a better understanding of what’s happening with buyers in the Midlands, we carried out a snapshot survey in June 2024, speaking to 150 people in the region who are planning to buy a home in the next year. 

Audience stats:

• 61.2% are already homeowners.
• 28.6% are currently renting.
• 9.2% live with family and are preparing to take the leap into homeownership.

The Search

Searching for a new home is one of the first step in the buying journey, and for Midlands home buyers, digital platforms are essential. 

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With 96% of buyers using aggregators like Rightmove and Zoopla, these platforms dominate the searching process. However, developers face the challenge of standing out in such a competitive space while making a significant marketing investment.

Interactive tools such as virtual tours and online forms are becoming increasingly popular. Over a quarter of Midlands buyers said they’d use them, while nearly 40% downloaded floor plans. This shows the growing importance of offering these digital resources during the search phase.

Property Advertising

Property adverts are a cornerstone of marketing strategies, but are they connecting with buyers in the way developers intend?

Do Buyers Trust Property Adverts?

Shockingly, only 4% of Midlands home buyers say they trust property advertising. This presents a clear challenge for property marketers looking to build meaningful connections.

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Building Trust with Buyers

Given the typically long sales cycles of property purchases, there’s ample opportunity for developers to engage and earn buyers’ trust over time. Effective strategies include:

• Social media campaigns: Use platforms to share authentic content like testimonials, behind-the-scenes videos, and updates on properties.
• Email campaigns: Create targeted, personalised communications to nurture leads.
• Consistent messaging: Build confidence by maintaining clear, reliable, and engaging messaging throughout the buying journey.

By focusing on authenticity and consistency, marketers can address trust issues and create stronger relationships with potential buyers.

Advert Messaging

Messaging in property advertising plays a big role in capturing buyer interest. However, not all tactics are equally effective.

52% of respondents said they’re more likely to click on ads offering a "Watch a walkthrough video of our home," preferring informative content over urgency. 

Interestingly, 29% of respondents said none of the ad messages would encourage them to click through, perhaps highlighting the need for more engaging and relevant advertising.

Social Media

Social media has become a staple in our daily lives, but when it comes to searching for property, the picture is a bit more mixed. 

Social Media Use

Searching for Properties on Social Media

Despite the popularity of social media, 67% of home buyers admitted to not using it during their property search. This could mean that while social media is key for brand awareness, it’s not the primary tool for property decisions.

By focusing on valuable content and brand-building, developers can boost visibility and attract better qualified leads.

Video Tours

Video tours are reshaping the property search, offering buyers a chance to explore a home remotely before deciding to visit in person - but just how important are they to Midlands buyers? 

How Important Are Video Tours?

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33% of home buyers said watching a video tour before visiting in person was either "important" or "very important." 

Video Tours on TikTok and YouTube

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Interestingly, only 8% of respondents reported watching video tours of potential properties on platforms like YouTube or TikTok. Despite the clear preference for video content, home buyers aren’t using these platforms for property walkthroughs.

For property marketers there’s an opportunity to engage buyers by providing video content on the platforms they use most like on your website and on Zoopla or other aggregators.

Property Websites

Property websites are a key resource for buyers. But what features matter most, and how many visits does it take for buyers to take action?

What Do Buyers Value Most on a Property Website?

Buyers prioritise floor plans, details about local amenities and schools, and clear pricing information. Having these features on your website will help them decide whether a property meets their needs before taking the next step.

Website Conversions

Nearly 60% of respondents said they’d visit a property website 2-3 times before registering their interest or calling. This highlights the need for a clear and engaging website experience that encourages buyers to return and take action.

Communication & Sales

Clear and timely communication is crucial in the property buying process. Buyers prefer to engage when it suits them best.

51% of home buyers in the Midlands prefer email for property enquiries, indicating they like to keep initial conversations simple and convenient.

Sales

43% of home buyers want to meet a sales agent only after registering online. Over 40% of buyers prefer to hold off until they’re serious about a property, while 11% want to speak to a salesperson early on. Interestingly, 20% would rather not meet with a sales agent at all.

Understanding when and how buyers want to communicate helps tailor the sales process and makes for more effective conversations.

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KEY TAKEAWAYS

Like most property markets around the nation, the Midlands is constantly changing, and developers can better connect with buyers by considering these key insights:

• Trust: Over a quarter of home buyers in the Midlands don’t trust property ads. Building trust early in the process is essential.
• Timely Communication: Timing is key - engage buyers when they’re ready, using various communication channels to meet different preferences.
• Social Media: Platforms like Facebook, YouTube, and Instagram offer untapped opportunities to showcase properties and build trust.
• Video Content: Video, especially virtual tours, boosts engagement. Create compelling content on platforms like YouTube to drive conversions.

Download the full report: Driving Digital Property Leads